Is there a financial advice gap?

August 30, 2017 - Reena Patel

As Financial Advisers, we seem to be advising people later in their life.  Typically, because this is when people are more affluent and when they have more financial decisions to make.

Is there a financial advice gap?

According to AXA Wealth, there is only one adviser for every 2,700 people in the UK who require help with their finances. This compares to ratios of one adviser per 1,400 people in Australia and one per 156 savers in Hong Kong. *

What these figures suggest

These figures suggest that many people in the UK are making critical decisions on their own. Take retirement planning for example. With Auto-Enrolment compulsory in the workplace, younger people, at an age when they have other priorities and are less affluent, are being left to decide and consider something that won’t happen to them for anywhere between 30-50 years. They essentially have the rest of their lives to live and can’t comprehend that by starting to put even a little bit aside so far in advance will potentially make a huge difference to their later years. They can’t comprehend because there is little or no assistance for them.

But if consumers aren’t receiving financial advice, how are they being guided through their important financial decisions, where are they getting their information to make these decisions and how do they feel about this?

We decided to try and find out

After drafting a survey, we started asking the younger generation these kind of questions. After taking some time to look at the results, we’ve drafted a Whitepaper which we will be publishing and sharing soon.

We firmly believe that Furnley House is different. We want people to have access to advice and information at an earlier age and to not find themselves in a position of attempting to correct oversights later in life.

How we will use this

This research will now lead us with our future strategy and thoughts to implement ways in which we can add value and it will steer us with how we work with clients, with firms and how we work within our communities to try to address this imbalance.

Please look out in the not too distant future when we share our Whitepaper. Makes interesting reading…

If in the meantime if you need any help and advice on any financial issues, please get in touch.